$100k/year still might not be enough to buy a home

Re:$100k/year still might not be enough to buy a home by g2ah5z on Tuesday October 15, 2019 @02:38PM (#21262069)

You only need 3.5% down with an FHA loan. To put that in perspective, a $300,000 home would only require $10,500 down.

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Re:$100k/year still might not be enough to buy a home by itsbenweeks on Tuesday October 15, 2019 @03:07PM (#21262418)

Sort of. You'd be left paying the difference of 3.5% to 20% (16.5% or $49,500) in a FHA Mortgage Insurance Premium (MIP). This means another loan that you need a 1.75% down payment for (making your downpayment ≈ 3.8% or $11,400) that adds another payment (≈ $400) in addition to the mortgage. MIPs last the entire life of the FHA loan, too.

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Re:$100k/year still might not be enough to buy a home by g2ah5z on Tuesday October 15, 2019 @04:09PM (#21263139)

Yes, it's effectively a higher interest rate on the entire loan, but my point was that you don't need a massive amount of cash up front to close the deal.

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Re:$100k/year still might not be enough to buy a home by itsbenweeks on Tuesday October 15, 2019 @04:55PM (#21263643)

And it's still a valid point. It's good to mention that a <20% down payment has caveats, too.

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Re:$100k/year still might not be enough to buy a home by sjg007 on Tuesday October 15, 2019 @02:42PM (#21262132)

You can buy as low as 3% down and then there are the NACA loans and a slew of zero down programs.

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Re:$100k/year still might not be enough to buy a home by tbyehl on Tuesday October 15, 2019 @05:02PM (#21263721)

Down payment is only a portion of the costs to buy a loan. My 3.5% down FHA mortgage on $309K purchase price cost me about $16K. My previous 5% down conventional on $103K was around $12K.

Moving in ain't free, either.

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